The inaugural Royal Award for Islamic Finance (RAIF) Impact Challenge Prize 2022 is a global challenge which aims to bring greater recognition to digital and innovative solutions based on Shariah principles or are Islamic finance enablers; which can improve the economic and social resilience of financially impacted communities globally.
Themed ‘Advancing the Sustainability Agenda’, the Prize is co-organised by Bank Negara Malaysia and Securities Commission Malaysia in collaboration with The World Bank Group Inclusive Growth and Sustainable Finance Hub in Malaysia, and supported by the Malaysia
Digital Economy Corporation and 1337 Ventures.
With a total cash prize of USD70,000 (or USD35,000 each if 2 winners are selected), the Prize will be awarded to solutions which evidence inventiveness, impact, feasibility / commercial viability and scalability. Winners also stand the chance to gain the distinction as a global Islamic finance solution, with prominent listing on the RAIF website and the opportunity to showcase solutions during the prize ceremony at the Global Islamic Finance Forum 2022.
The challenge statements invite applicants to solve challenges surrounding building business capacities and creating employment, and facilitating affordable access to finance which includes investments and financial protection.
Shortlisted applicants will participate in a virtual accelerator programme taking place between May to June 2022. 1337 Ventures, a Malaysian venture capital firm, has been tasked to manage and run the accelerator programme.
The programme is built as half-day workshops, twice a week for 6-weeks. It will be flexible for different time zones, but intensive to help participants get from start to shine. 1337 Ventures will be applying its award-winning Alpha Startups™ module, which will see it assisting participants in business strategy, product-market-fit, funding and pitching.
Criteria
The RAIF Impact Challenge Prize 2022 is open globally to individuals, teams of individuals and registered companies who are passionate and driven in solving the plight of financially impacted communities through application of Shariah principles. The solutions do not need to be technology driven, and participants do not have to be Muslim to participate. Most programme activities will take place in the Malaysian timezone.
Join The Briefing
Interested participants are welcome to join the Briefing Session on 3 March 2022 (Thursday) at 11.00 am (GMT+8). You may register here: bit.ly/raifbriefing.
If you would like to submit your application directly, kindly do so through the official website,
https://theroyalaward.com/impact-challenge-2022/. The closing date for submissions is
March 25, 2022, 11.59pm Malaysian time (GMT+8).
~ This invitation is extended by 1337 Ventures on behalf of the organizers.
